April 2022, What is New with Canadian Taxes this month and last!
Ontario Non-Resident Speculation Tax
Ontario put a foreign buyer tax on the entire Province at 20% up from 15%.
Effective March 30, 2022, the Non-Resident Speculation Tax (NRST) rate was increased to 20 per cent and expanded provincewide. As a result, the NRST may apply on the purchase or acquisition of an interest in residential property located anywhere in Ontario by individuals who are foreign nationals (individuals who are not Canadian citizens or permanent residents of Canada) or by foreign corporations or taxable trustees.
The NRST applies in addition to the general Land Transfer Tax (LTT) in Ontario.
Prior to March 30, 2022, the NRST was a 15 per cent tax on the purchase of an interest in residential property in the Greater Golden Horseshoe Region (GGH) of Ontario by individuals who are foreign nationals or by foreign corporations or taxable trustees. The map of the GGH and a listing of municipalities, counties and regions within the GGH is outlined below on this page.
Carbon Tax Increasing
It's April 1st, snow is falling, and the Carbon Tax increase hits in today. No joke!
So fuel prices will rise.
For families living in the four provinces — Alberta, Ontario, Saskatchewan and Manitoba — gasoline prices will increase because of the federal carbon tax by 2.2 cents per litre to 11 cents per litre, on its way to 37.4 cents per litre in 2030.
Federal Budget Coming
On April 7th, the Federal Budget will tabled at 4pm. Lots of speculation on the changes from increased capital gains tax, to a foreign buyer tax, to a 1% tax on earnings over $1,000,000 per annum.
Personal Tax Deadlines
The tax-filing deadline for most individuals is April 30, 2022 Since April 30, 2022, falls on a Saturday, tax returns will be considered filed on time in either of the following situations: it is e-filed on or before May 2, 2022 or it is postmarked on or before May 2, 2022
Sole Proprietors have until June 15, 2022, to file their return if they or their spouse or common law-partner are self-employed.
Tax Funds Due on May 2, 2022
The payment deadline is April 30, 2022 Since April 30, 2022, falls on a Saturday, the tax payment will be considered paid on time if CRA receives it, or it is processed at a Canadian financial institution, on or before May 2, 2022.
If they filed your 2020 income tax and benefit return and qualified for interest relief, those funds are also due April 30, 2022 (extended to May 2, 2022) to pay the outstanding income tax debt for the 2020 tax year to avoid future interest charges.
This applies to the tax owing for the 2020 tax year only, and not for previous tax years.
Have a great April 2022.
If you have any questions or comments, please feel free to contact me at 905-898-3355 or by e-mail.
April 1, 2022
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